Lower yields accounted for the decrease in corn production this month. Corn yield was down 1.7 bushels per acre to 153 (7.5 t/ha), pushing production down to 13.2 billion (335 million tonnes), still the largest on record.
Feed and residual use of corn is down, but exports are up from last month,
and stocks are lower. Corn prices were raised this month because of decreased
ending stocks and strong cash and futures prices.
US feed grain
production for 2007/08 is forecast at 353.5 million metric tonnes (mt), down
from 357.0 mt last month but up from 279.9 mt in 2006/07. The month-to-month
decrease came from corn, as sorghum was up slightly; barley and oats were
unchanged this month.
On a September-August marketing year basis, feed
and residual use for the four feed grains plus wheat in 2007/08 is projected to
total 157.4 million metric tons, up from 154.1 million a year earlier. Corn is
estimated to account for 91 % of the total, down from 92 % in 2006/07. Most
inventories for all the animal categories are expected to increase, except
cattle on feed. Milk production in 2008 is projected to be up nearly 3%.
While projected pork production is down slightly from last month, it is
forecast up 2% from 2007. Total poultry production in 2008 was projected up this
month as the forecast was raised for broiler and turkey production. Total
poultry production is expected to exceed that in 2007 by nearly 3%.
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